Savings provision for pre-repeal credit transactions
555 Savings provision for pre-repeal credit transactions
The credit business duty provisions continue to apply for rights, privileges and liabilities that would have been acquired, accrued or incurred on or after 1 January 2006 in relation to a relevant credit amount for a pre-repeal credit transaction if the provisions had not been repealed.Example of how the credit business duty provisions continue to apply under this section—A credit provider may be required to lodge a return or statement, and pay credit business duty, on or after 1 January 2006 in relation to a relevant credit amount for a pre-repeal credit transaction.
Subsection (1) applies subject to section 556.
In this section—credit business duty provisions means—
repealed chapter 6; and
schedule 6, repealed definition short-term.
relevant credit amount, for a pre-repeal credit transaction, means a credit amount for the transaction that exists before 1 January 2006.
This Act’s bill:Explanatory memorandum
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